

Our philosophy is to identify strategic investments that are -
1) Undervalued public companies due to:
- Undiscovered by market
- Not understood by market
- Lack management breadth but have good projects
- Lack financial resources but have good projects
2) Private companies in global markets that want to list in western public markets within 1 to 2 years
3) Part of a merger and acquisition transaction and require a strategic investor
4) Companies in start up mode or early stage exploration - significant exploration upside
5) Claim acquisitions on prospective ground which need financing to complete the transaction
Selection Process
- No investment to exceed one third of capital allocated for strategic investments
- Rigorous selection process on a case by case basis:
- Identify opportunities for further evaluation
- Technical assessment and economic valuation
- Subjected to a series of filters, including country risk, technical merit, management risk, value to shareholders
- Key selection criteria is asset quality and ability for asset to produce future cash flow
- Final decision by investment committee
Generating Wealth for Shareholders
- Increase in net asset value of invested projects if strategic investment in form of joint venture
- Future cash flow if strategic investment in form of royalty or coupon paying instrument
- Return on investment if strategic investment in form of equity
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